Ethics, Bias and Regulatory concerns slowing European adoption
LONDON, Dec. 5, 2023 /PRNewswire/ -- Europe is doubling down on generative AI (GenAI) investment but is on a more cautious path than North America, according to new research from the Infosys Knowledge Institute (IKI), the research arm of Infosys (NSE: INFY), (BSE: INFY), (NYSE: INFY). The research forecasts that European companies will increase GenAI investments by 115% in the next year, to $2.8 billion.
The pace of investment is slower than in North America where spend is expected to reach close to $6 billion. This more cautious spend is largely due to concerns around ethics and bias driven by the more regulated European market. However, European companies remain optimistic about generative AI's impact on their business and are much more confident in their ability to train and recruit talent, as well as manage and control generative AI systems.
For the Generative AI Radar 2023 – Europereport, IKI surveyed 1,000 respondents from companies across 11 Western European countries (Belgium, Denmark, Finland, France, Germany, Iceland, Luxemburg, Netherlands, Norway, Sweden and United Kingdom). The research, which is also supported by interviews with business leaders and AI practitioners, highlights the following insights.
Balakrishna D. R. (Bali), Executive Vice President, Global Head of AI and Industry Verticals, Infosys, said "Generative AI is driving phenomenal transformation across industries, and investment is happening at a rapid pace. Against the backdrop of an ever-evolving regulatory landscape, organizations must embed responsible AI techniques to not only improve data quality and management, but effectively manage ethics and bias risks. Our research has shown that for European businesses to derive business value, they must develop and evolve an AI-first operating model that prioritizes business transformation and skills development, and enables them to maximize human potential."
To read the full report, please visit here.
Methodology
Infosys used an anonymous format to conduct an online survey of more than 1,000 business executives across industries across Belgium, Denmark, Finland France, Germany, Iceland, Luxemburg, Netherlands, Norway, Sweden and United Kingdom. To gain additional, qualitative insights, the researchers interviewed subject matter experts and business leaders.
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For more information, please contact:
Dena Tahmasebi, Director of Communications EMEA, Infosys | Dena.tahmasebi@infosys.com
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